Money and Finance
I understand the martkeing magic of the red velvet rope. The idea that one cant get into Studio 54 or Sykbar only speaks to your human instinct to truly lust after what you can't have. Once inside, you will rationalize the $22 crappy martini and even think the $3,000 a night hooker/actress/real-estate-agent might really "like you" when she over heard you talking about the movie project you have "in development".
American Express suffers from the same velvet rope malady with their lofty Centurion or "black card". Originally offered to their biggest spending clients who spent $150,000 or more per year (its reportedly $250,000 per year in spending now to be invited to get a Black Card) - the card quickly because a status symbol for the very wealthy around the world. Amazingly the card card comes with as much as $4,000 in fees yet the perks of the card (other than the status of plunking it down to pay for your $800 bottle of Cristal via "table service" in San Tropez) are few as well as being avaiable from other companies for far less money.
When the standard for getting a Black Card was $150,000 per year in spending and a $2,500 fee - my company spending was $140,000. My father convinced me to get an AMEX card before I went to college as I wouldn't spend beyond my means as most college kids do - and his advice was excellent as ususal. As my company and spending grew I got a gold card from Amex and ultimately was invited to get a $400 per year platinum card - which I still have today. I was a loyal AMEX customer for more than a decade thus accumualting points to use for a trip someday (note: AMEX has no meaningful relationship with any of the LA-based airlines like United or American Airlines) to somewhere exotic.
Knowing I was spending a lot on my company, that I was about to renovate a home and that I was going to get engaged thus needed a ring and the full Hotel Bel Air wedding - I called Amex to ask for a Black Card. The level of "the Business of No" I got was astounding. Note: I was $10,000 away from their spending limit at the time and was poised to spend hundreds of thousands more dollars and they told me absolutely no on the black card. I went back and forth with one seniour customer service person who tried to help me but to no avail.
Can you imagine what it costs to earn a client who spends strongly both for his company and personally as well as has a merchant account? Imagine the three percent fees disappearing because that's just what they did. I canceled all but one of my AMEX cards (they can be good overseas) for which I use to maintain the miles I can't find a way to use to go anywhere. I signed up for a United Airlines card which has no prestige whatsoever other than the fact I use the miles I get from it to ALWAYS fly first class on every trip I make on the airline. I am still trying to book a flight to use my Amex miles on one of their partner airlines like Delta. Delta tried to get me to fly to Paris with connections in Salt Lake City, Atlanta and then to Paris. Right.
Warren Buffett should bitch slap the CEO of American Express during his once a year during his once-per-year meeting. There is a reason why you walk into a restaurant and they say "I am sorry sir, we don't take American Express" That's because they too have been screwed or insulted. American Express needs to lean the Business of Yes to retain the wealthy clients of the future.
- Even The Rich Can't Get Credit These Days
All of the talk today when it comes to the economy is the "frozen" credit market. $350,000,000,000 of money from our taxes hasn't seemingly done anything to slow down the foreclosure rates as U.S. banks are simply using the free government money to...
- Amex And Sentient Jet Team Up With The Business Of No
I stopped using my American Express Card a few years back when after spending over $140,000 for that callendar year the company refused to offer me a "black" (Centurion) card as the standard was $150,000 in yearly spending (its now over $250,000 reportedly)....
- American Airlines To Test In-air Online Service
Normally, I get upset when a company charges for Internet access (think $15 a day at The Four Seasons when you are already paying $650 a night for the room) but the news that American Airlines is about to start testing a pay Internet service has me all...
- December Passive Income Progress
I started tracking my passive income this summer. My June passive income was $261.00 My July passive income was $209.67 My August passive income was 235.62 My September passive income was $212.97My October passive income...
- Why I Prefer To Use Credit Cards...
In 2008 I wrote why I use credit cards here. Back then I had just two credit cards. I still use Discover for most of my purchases as well as most of my online shopping. Usually they have 1% on most purchases and 5% on certain purchases which vary...
Money and Finance
AMEX's Black Card Is Really A Black Mark On Their Customer Service Record
I understand the martkeing magic of the red velvet rope. The idea that one cant get into Studio 54 or Sykbar only speaks to your human instinct to truly lust after what you can't have. Once inside, you will rationalize the $22 crappy martini and even think the $3,000 a night hooker/actress/real-estate-agent might really "like you" when she over heard you talking about the movie project you have "in development".
American Express suffers from the same velvet rope malady with their lofty Centurion or "black card". Originally offered to their biggest spending clients who spent $150,000 or more per year (its reportedly $250,000 per year in spending now to be invited to get a Black Card) - the card quickly because a status symbol for the very wealthy around the world. Amazingly the card card comes with as much as $4,000 in fees yet the perks of the card (other than the status of plunking it down to pay for your $800 bottle of Cristal via "table service" in San Tropez) are few as well as being avaiable from other companies for far less money.
When the standard for getting a Black Card was $150,000 per year in spending and a $2,500 fee - my company spending was $140,000. My father convinced me to get an AMEX card before I went to college as I wouldn't spend beyond my means as most college kids do - and his advice was excellent as ususal. As my company and spending grew I got a gold card from Amex and ultimately was invited to get a $400 per year platinum card - which I still have today. I was a loyal AMEX customer for more than a decade thus accumualting points to use for a trip someday (note: AMEX has no meaningful relationship with any of the LA-based airlines like United or American Airlines) to somewhere exotic.
Knowing I was spending a lot on my company, that I was about to renovate a home and that I was going to get engaged thus needed a ring and the full Hotel Bel Air wedding - I called Amex to ask for a Black Card. The level of "the Business of No" I got was astounding. Note: I was $10,000 away from their spending limit at the time and was poised to spend hundreds of thousands more dollars and they told me absolutely no on the black card. I went back and forth with one seniour customer service person who tried to help me but to no avail.
Can you imagine what it costs to earn a client who spends strongly both for his company and personally as well as has a merchant account? Imagine the three percent fees disappearing because that's just what they did. I canceled all but one of my AMEX cards (they can be good overseas) for which I use to maintain the miles I can't find a way to use to go anywhere. I signed up for a United Airlines card which has no prestige whatsoever other than the fact I use the miles I get from it to ALWAYS fly first class on every trip I make on the airline. I am still trying to book a flight to use my Amex miles on one of their partner airlines like Delta. Delta tried to get me to fly to Paris with connections in Salt Lake City, Atlanta and then to Paris. Right.
Warren Buffett should bitch slap the CEO of American Express during his once a year during his once-per-year meeting. There is a reason why you walk into a restaurant and they say "I am sorry sir, we don't take American Express" That's because they too have been screwed or insulted. American Express needs to lean the Business of Yes to retain the wealthy clients of the future.
- Even The Rich Can't Get Credit These Days
All of the talk today when it comes to the economy is the "frozen" credit market. $350,000,000,000 of money from our taxes hasn't seemingly done anything to slow down the foreclosure rates as U.S. banks are simply using the free government money to...
- Amex And Sentient Jet Team Up With The Business Of No
I stopped using my American Express Card a few years back when after spending over $140,000 for that callendar year the company refused to offer me a "black" (Centurion) card as the standard was $150,000 in yearly spending (its now over $250,000 reportedly)....
- American Airlines To Test In-air Online Service
Normally, I get upset when a company charges for Internet access (think $15 a day at The Four Seasons when you are already paying $650 a night for the room) but the news that American Airlines is about to start testing a pay Internet service has me all...
- December Passive Income Progress
I started tracking my passive income this summer. My June passive income was $261.00 My July passive income was $209.67 My August passive income was 235.62 My September passive income was $212.97My October passive income...
- Why I Prefer To Use Credit Cards...
In 2008 I wrote why I use credit cards here. Back then I had just two credit cards. I still use Discover for most of my purchases as well as most of my online shopping. Usually they have 1% on most purchases and 5% on certain purchases which vary...